IEMA.L vs. SWDA.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI EM UCITS ETF USD (Acc) (IEMA.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L).

IEMA.L and SWDA.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IEMA.L is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Index. It was launched on Sep 25, 2009. SWDA.L is a passively managed fund by iShares that tracks the performance of the MSCI ACWI NR USD. It was launched on Sep 25, 2009. Both IEMA.L and SWDA.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IEMA.L vs. SWDA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EM UCITS ETF USD (Acc) (IEMA.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L). The values are adjusted to include any dividend payments, if applicable.

IEMA.L vs. SWDA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEMA.L iShares MSCI EM UCITS ETF USD (Acc)	4.92%	34.41%	7.61%	9.43%	-20.23%	-2.83%	19.01%	15.75%	-13.95%	36.71%
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc)	-2.41%	21.14%	19.09%	23.79%	-18.13%	22.52%	15.68%	27.97%	-9.23%	22.42%

Different Trading Currencies

IEMA.L is traded in USD, while SWDA.L is traded in GBp. To make them comparable, the SWDA.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IEMA.L achieves a 4.92% return, which is significantly higher than SWDA.L's -4.80% return. Over the past 10 years, IEMA.L has underperformed SWDA.L with an annualized return of 8.22%, while SWDA.L has yielded a comparatively higher 11.84% annualized return.

IEMA.L

• 1D: 4.28%
• 1M: -5.77%
• YTD: 4.92%
• 6M: 9.12%
• 1Y: 35.15%
• 3Y*: 16.85%
• 5Y*: 4.37%
• 10Y*: 8.22%

SWDA.L

• 1D: 0.00%
• 1M: -6.42%
• YTD: -4.80%
• 6M: -1.47%
• 1Y: 17.35%
• 3Y*: 16.78%
• 5Y*: 9.97%
• 10Y*: 11.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IEMA.L vs. SWDA.L - Expense Ratio Comparison

IEMA.L has a 0.18% expense ratio, which is lower than SWDA.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

SWDA.L

iShares Core MSCI World UCITS ETF USD (Acc)

IEMA.L

iShares MSCI EM UCITS ETF USD (Acc)

Return for Risk

IEMA.L vs. SWDA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IEMA.L

IEMA.L Risk / Return Rank: 85
IEMA.L Sharpe Ratio Rank: 87
IEMA.L Sortino Ratio Rank: 86
IEMA.L Omega Ratio Rank: 84
IEMA.L Calmar Ratio Rank: 86
IEMA.L Martin Ratio Rank: 84

SWDA.L

SWDA.L Risk / Return Rank: 72
SWDA.L Sharpe Ratio Rank: 65
SWDA.L Sortino Ratio Rank: 63
SWDA.L Omega Ratio Rank: 66
SWDA.L Calmar Ratio Rank: 84
SWDA.L Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IEMA.L vs. SWDA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM UCITS ETF USD (Acc) (IEMA.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	IEMA.L	SWDA.L	Difference
Sharpe ratio Return per unit of total volatility	1.83	1.13	+0.70
Sortino ratio Return per unit of downside risk	2.40	1.61	+0.79
Omega ratio Gain probability vs. loss probability	1.34	1.23	+0.11
Calmar ratio Return relative to maximum drawdown	2.77	1.94	+0.83
Martin ratio Return relative to average drawdown	10.15	7.84	+2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMA.L vs. SWDA.L - Sharpe Ratio Comparison

The current IEMA.L Sharpe Ratio is 1.83, which is higher than the SWDA.L Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of IEMA.L and SWDA.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IEMA.L	SWDA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.13	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.65	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.75	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.67	-0.43

Correlation

The correlation between IEMA.L and SWDA.L is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IEMA.L vs. SWDA.L - Dividend Comparison

Neither IEMA.L nor SWDA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

IEMA.L vs. SWDA.L - Drawdown Comparison

The maximum IEMA.L drawdown since its inception was -39.66%, which is greater than SWDA.L's maximum drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for IEMA.L and SWDA.L.

Drawdown Indicators

	IEMA.L	SWDA.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.66%	-25.58%	-14.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.76%	-10.26%	-2.50%
Max Drawdown (5Y) Largest decline over 5 years	-37.08%	-18.50%	-18.58%
Max Drawdown (10Y) Largest decline over 10 years	-39.66%	-25.58%	-14.08%
Current Drawdown Current decline from peak	-8.93%	-3.59%	-5.34%
Average Drawdown Average peak-to-trough decline	-15.43%	-3.52%	-11.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	1.79%	+1.70%

Volatility

IEMA.L vs. SWDA.L - Volatility Comparison

iShares MSCI EM UCITS ETF USD (Acc) (IEMA.L) has a higher volatility of 8.70% compared to iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) at 4.26%. This indicates that IEMA.L's price experiences larger fluctuations and is considered to be riskier than SWDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMA.L	SWDA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.70%	4.26%	+4.44%
Volatility (6M) Calculated over the trailing 6-month period	14.19%	8.47%	+5.72%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	15.35%	+3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	15.30%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	15.70%	+3.63%